Scotiabank is a Canadian-based bank with an extensive coast-to-coast presence, plus some branches in the United States. With more than 11 billion customers and (at the time of writing) a net worth of approximately $62.71 billion, Scotiabank is a well-established Canadian institution.
With all the tools and features Canadians have come to expect from a big bank, Scotiabank offers six unique chequing accounts, five savings accounts, an impressive lineup of credit cards, and much more. Its online subsidiary, Tangerine, also offers high-quality products, such as the fan-favourite Tangerine Chequing Account.
Overview
- One of the five biggest banks in Canada
- Diverse product menu allows for complete in-house banking
- An extensive credit card portfolio (including the only no-FX cards from a big bank)
- Coast-to-coast network of branches and ATMs
- Investment options to suit both experienced and laid-back investors
Rating methodology
Scotiabank's overall rating is 3.5 out of a possible 5 stars. This number is an average of all the individual products we've rated so far, which you can find more info on below. Each of these are scored by breaking them down into their main parts, then comparing each feature to similar products on the market.
Scotiabank bank accounts: chequing and savings
Chequing and savings accounts are the crux of any bank's product menu, and Scotiabank has impressive options. In fact, we consider the Scotiabank Ultimate Package to be the best chequing account in Canada, and the Scotiabank MomentumPLUS Savings Account is the top choice for a tiered savings account.
Whether you want all the bells and whistles or you're looking for a basic, inexpensive account for a senior, Scotiabank has a chequing account to meet your needs. The variety of savings accounts isn't quite as extensive, though they have some valuable options – there are even a few foreign currency accounts available. Holding both account types makes depositing funds into your savings account pretty easy.
Scotiabank chequing account ratings
Scotiabank offers the standard tiers of chequing accounts that you'll find across all big banks in Canada. The standout feature, though, is the ability to earn Scene+ points on every $1 you spend with your debit card.
GC: $100
Scotiabank Preferred Package
$100 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases.Scotiabank Basic Plus Bank Account
Get 25 free debit transactions + unlimited Interac e-Transfers per month.
GC: $100Scotiabank Ultimate Package
$100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers.Scotiabank U.S. Dollar Daily Interest Account
Earn up to 0.05% with minimum balance + Save on currency exchange fees.
Scotiabank savings account ratings
The main strength of Scotiabank's savings accounts is how they complement the chequing accounts, especially for dedicated savers.
Scotiabank Savings Accelerator Account
Earn 0.25% interest for free + $0 transfers between your Scotiabank accounts.
GC: $50Scotiabank Money Master Savings Account
$50 GeniusCash + Automatically save with every debit purchase through Bank The Rest.Scotiabank U.S. Dollar Daily Interest Account
Earn up to 0.05% with minimum balance + Save on currency exchange fees.
Scotiabank Getting There Savings Program For Youth
Unlimited debit and e-Transfer transactions + Earn Scene+ points.
Scotiabank credit cards
Scotiabank offers a wide variety of credit cards, ranging from no-fee cash back to premium travel, plus some low-interest cards in between. The bank offers cards from all three major issuers in Canada, which is a testament to their versatility.
One major unique feature of Scotiabank credit cards is the fact that they're the only big bank in Canada to have a credit card without foreign transaction fees. The Scotiabank Gold American Express Card is an especially valuable choice if you spend a lot in currencies other than CAD.
| Credit Card | Score | Welcome Bonus | Annual Fee | Avg. Rate of Return | Apply | Card |
|---|---|---|---|---|---|---|
Scotiabank American Express® Card  | 5,000 Scene+ points (Terms) | $0 | 1.45% | Apply | ||
Scotiabank American Express® Platinum Card  | 80,000 Scene+ points (Terms) | $399 | 2% | Apply | ||
Scotiabank Gold American Express® Card  | 50,000 Scene+ points (Terms) | $120 1st year free | 2.45% | Apply | ||
Scotiabank Value Visa Card  | N/A (Terms) | $29 1st year free | 0% | Apply | ||
Scotiabank Scene+ Visa Card  | 5,000 Scene+ points (Terms) | $0 | 1.05% | Apply | ||
Scotiabank US Dollar Visa Card  | N/A (Terms) | $35 | 0% | |||
Scotiabank Scene+ Visa Card for Students  | 5,000 points (Terms) | $0 | 1.05% | |||
Scotiabank Momentum Mastercard Credit Card  | N/A (Terms) | $0 | 0.73% | |||
Scotiabank Passport Visa Infinite Card  | 35,000 Scene+ points (Terms) | $150 | 1.35% | Apply | ||
Scotiabank Passport® Visa Infinite Privilege* Card  | 50,000 Scene+ points (Terms) | $599 | 1.17% | Apply |
Scotiabank insurance products
Insurance is one of those essential costs that no one wants to pay for, but may one day be extremely happy they did. As a big bank, Scotiabank offers a handful of insurance products, making it convenient to pay your premiums at the same place where you bank.
Of course, just because you bank with Scotiabank doesn't mean you need to get insurance from them. Luckily, products like Scotiabank Car Insurance, with a 4.4 Genius Rating, make the choice an easy one.
Scotiabank investment accounts and products
If you prefer a more hands-off approach to investing, Scotiabank's investment accounts can offer a convenient way to put your money to good use. With plenty of registered and unregistered options, you can set aside funds for retirement, take it easy with couch potato investing and ETFs, or try something completely new.
The Scotia iTRADE is an excellent choice for new investors, and even for those thinking about entering the investment world. This online platform allows users to set up a practice account, and there's no minimum investment requirement either.
Scotiabank loans
Scotiabank has all the bases covered, offering everything from lines of credit to car loans and RV loans. They even have a unique RSP Catch-Up Line of Credit to help you make the most of your annual contributions.
The Scotiabank Personal Line Of Credit and Scotiabank Personal Loan are particularly well-rated loan products. Both offer convenient access to funds (via mobile app, ATM, and more) and have flexible repayment options. Clients can choose how much to repay and their preferred payment schedule.
Scotiabank Personal Line Of Credit
Borrow up to $75,000 + Get a Visa Access card to use your funds easily.
Scotiabank mortgages
For those buying property, Scotiabank offers plenty of mortgage options, including fixed and variable-rate options. The Scotiabank Total Equity Plan (STEP), in particular, is one of the country's best HELOC products. It has valuable features, including accessibility via online banking, cheques, debit cards, and ATMs.
While it's true that Scotia's mortgage rates aren't as good as other lenders', there's something to be said for the security and peace of mind that a big bank can offer. Especially if you already have a relationship established with Scotiabank, getting a mortgage can feel like an easy next step.
Scotiabank Total Equity Plan (STEP)
Borrow up to 80% of your home's equity + Easy online loan management.
Scotiabank Closed Variable Rate Mortgage
Enjoy flexible payment options + Included mortgage insurance.
Scotiabank Closed Fixed Rate Mortgage
Choose from multiple term available + Get flexible payment options.
Scotiabank Open Variable Mortgage
Flexible prepay options + Get mortgage protection with 4 coverage types.
FAQ
What is Scotiabank?
Scotiabank is one of the oldest and largest banks in Canada, founded in 1832. It has 892 branches and 3,500+ ATMs across the country, serving more than 11 billion clients, and a net worth of around $62.71 billion.
Can I open a Scotiabank account online?
Yes, most Scotiabank accounts can be opened either online or in-branch. In some cases, new clients are required to visit a branch to confirm their identity, though the rest of the process can be done online.
Is Tangerine bank owned by Scotiabank?
Yes, Scotiabank acquired Tangerine (then known as ING Direct) in 2012. Tangerine is a popular online bank that offers a no-fee chequing account, a particularly valuable children's savings account, a pair of cash-back credit cards, competitive mortgage rates, and more.
How much does it cost to open a Scotiabank account?
Scotiabank chequing accounts have fees ranging from $3.95 to $30.95 per month, with free options for students and youth. Most Scotiabank savings accounts are free, but foreign currency accounts have small monthly fees.
What do I need to open a Scotiabank account?
As with most banks, opening a new account with Scotiabank requires providing at least two documents to confirm your personal details. This can be a piece of government-issued ID, a recent utility bill, a permanent residence card, or something similar.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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